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cashnetusa line of credit default PA

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I recently took out a loan from cashnetusa. My current balance with them is $1035. The due date is coming up quickly but I am unable to pay them because I just lost my job. Are they legal in PA? They are calling it a line of credit. Also I haven't paid anything on it so is that going to get me in any legal trouble? I just don't know what to do but I don't have anything to pay them until I find work again.... thanks so much for any advice you can offer!




REGISTER WITH THE FORUMS!!!!!!!!!!!!!!!!!

They are an installment lender charging a criminal rate of interest. Max interest rated is 36%

Follow the link in my signature line for full info on how to deal with them...in other words shut them down!

Although Pennsylvania has no civil usury statute as such, the Commonwealth does have a criminal prohibition against usury, rendering it a felony punishable by a fine of $5,000.00 and imprisonment of ten years for one to charge a rate of interest or an equivalent charge exceeding thirty-six percent (36%) per year.

Sub: #1 posted on Sun, 10/06/2013 - 21:48

SOAPLADY SOAPLADY
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(Posts: 17209 | Credits: 4746.15)

Payday lending is prohibited in PA. All lenders in your state are illegal. Simply pay back them the principal balance, nothing more than that. Close down your old bank account immediately and open a new one to stop debiting money from your account. Don’t worry, they can’t do anything.

Sub: #2 posted on Mon, 10/07/2013 - 12:40

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Hello!
I have been in the vicious cycle with cashnetusa for 1 1/2 years. I just keep getting a reinstallment after I make a payment. My husband lost his job and we recently had a baby. I know I have paid way more that I ever owed to them, but I don't know how to figure out how to get out of the cycle. I can't even afford to pay the "principle" amount due. What do I do??

Sub: #3 posted on Sat, 10/19/2013 - 00:37

Unregistered


CashNetUSA is a legal lender. You will have to contact their corporate office, explain your situation and set up an extended payment plan.

Sub: #4 posted on Fri, 10/25/2013 - 23:55

bingonut bingonut

(Posts: 1433 | Credits: 168.82)

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